Economics

An island economy produces only bananas and coconuts. Table 1 gives the quantity

An island economy produces only bananas and coconuts. Table 1 gives the quantity produced and prices in 2013 and Table 2 gives the same information for 2014. 1. Nominal GDP in 201…

An island off the coast of the mainland has 4 petrol stations supplying all driv

An island off the coast of the mainland has 4 petrol stations supplying all drivers on the island. The national government has noted that petrol prices on the island are unusually…

An isocost line represents: all the combinations of inputs to a production proce

An isocost line represents: all the combinations of inputs to a production process that result in the same total costs of production. all the combinations of inputs that result in…

An item is up for auction. Player 1 values the item at 3 while player 2 values t

An item is up for auction. Player 1 values the item at 3 while player 2 values the item at 5. Each player can bid either 0,1, or 2. If player i bids more than player j then i wins…

An office building and its equipment are insured to $7,100,000. The present annu

An office building and its equipment are insured to $7,100,000. The present annual insurance premium is $0.85 per $100 of coverage. A sprinkler system with an estimated life of 20…

An office supply store open 5 days a week must determine the best inventory poli

An office supply store open 5 days a week must determine the best inventory policy for boxes of copier paper. Weekly demand is nearly constant at 250 boxes and when orders are pla…

An office supply store sells a team of printer paper at a fix price of $4.50. Wh

An office supply store sells a team of printer paper at a fix price of $4.50. Which of the following is a term used by economist to diatribe the money received from the sale of an…

An oil and gas company acquired the mineral rights to a project 2 years ago for

An oil and gas company acquired the mineral rights to a project 2 years ago for a cost of $2 million dollars. Last year the company spent $0.4 million on geological and geophysica…

An oil and gas producing company owns 45,000 acres of land in a southeastern sta

An oil and gas producing company owns 45,000 acres of land in a southeastern state. It operates 650 wells which produce 21,000 barrels of oil per year and 1.5 million cubic feet o…

An oil cartel effectively increases the price of oil by 100 percent leading to a

An oil cartel effectively increases the price of oil by 100 percent leading to an adverse supply shock in both Country A and Country B. Both countries were in long-run equlibrium …

An oil cartel effectively increases the price of oil by 100 percent, leading to

An oil cartel effectively increases the price of oil by 100 percent, leading to an adverse supply shock in both Country A and Country B. Both countries were in long-run equilibriu…

An oil cartel effectively increases the price of oil by 100 percent, leading to

An oil cartel effectively increases the price of oil by 100 percent, leading to an adverse supply shock in both Country A and Country B. Both countries were in long-run equilibriu…

An oil cartel effectively increases the price of oil by 100%, leading to an adve

An oil cartel effectively increases the price of oil by 100%, leading to an adverse supply shock in both country A and country B. Both countries were in long-run equilibrium at th…

An oil company has installed an offshore production facility for $10 million in

An oil company has installed an offshore production facility for $10 million in year 1. The annual maintenance cost of the facility is $60,000 per year for the 2nd year, increasin…

An oil company purchased an option on land in Alaska. Preliminary geologic studi

An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. P(high-quality oil) = 0.5 P(medium-quality oil) = 0.…

An oil exploration company currently has two active projects, one in Asia and th

An oil exploration company currently has two active projects, one in Asia and the other in Europe. Let A be the event that the Asian project is successful and B be the event that …

An oil refinery converts crude oil to gasoline. It takes one barrel of crude oil

An oil refinery converts crude oil to gasoline. It takes one barrel of crude oil to produce one barrel of gasoline. Total cost of producing q barrels of gasoline at the refinery i…

An oil refinery has decided to purchase some new drilling equipment for $410,000

An oil refinery has decided to purchase some new drilling equipment for $410,000. The equipment will be kept for 7 years before being sold. The estimated SV for depreciation purpo…

An oil refinery operating on the bank of a river releases pollutants into the ri

An oil refinery operating on the bank of a river releases pollutants into the river which contaminates the water downstream and, as a consequence, the residents of a community loc…

An oil refinery operating on the bank of a river releases pollutants into the ri

An oil refinery operating on the bank of a river releases pollutants into the river which contaminates the water downstream and. as a consequence, the residents of a community loc…

An old covered bridge can be strengthened at a cost of $9000, or can be replaced

An old covered bridge can be strengthened at a cost of $9000, or can be replaced for $40,000. The present salvage value of the old bridge is $13,000. With reinforcements, it will …

An oligopolist has a marginal revenue curve that jumps down at 500 units of outp

An oligopolist has a marginal revenue curve that jumps down at 500 units of output. What kind of oligopoly does the firm most likely belong to? Select one: a. Sweezy. b. Stackelbe…

An oligopolist has a marginal revenue curve that jumps down at 500 units of outp

An oligopolist has a marginal revenue curve that jumps down at 500 units of output. What kind of oligopoly does the firm most likely belong to? Select one: a. Sweezy. b. Stackelbe…

An oligopolist is currently charging a price of $100 and is selling 400 units of

An oligopolist is currently charging a price of $100 and is selling 400 units of output per day. If the firm increases price above $100, the demand curve is P = 1 10-0025) If the …

An oligopolist is currently charging a price of $100 and is selling 400 units of

An oligopolist is currently charging a price of $100 and is selling 400 units of output per day. If the firm increases price above $100, the demand curve is P = 1 10-0025) If the …

An oligopoly is a type of market structure with: Many firms selling a differenti

An oligopoly is a type of market structure with: Many firms selling a differentiated produce. Many firms selling a similar product. Few firms selling a differentiated produce. Few…

An oligopoly market consists of: many firms which produce a standardized product

An oligopoly market consists of: many firms which produce a standardized product. firms which face perfectly elastic demand curves. at least five firms one of which dominates the …

An oligopoly producing a homogeneous product is composed of three firms that act

An oligopoly producing a homogeneous product is composed of three firms that act like a cartel. Assume that these three firms have identical cost schedules. Assume also that if an…

An oligopoly producing a homogeneous product is composed of three firms that act

An oligopoly producing a homogeneous product is composed of three firms that act like a cartel. Assume that these three firms have identical cost schedules. Assume also that if an…

An oligopoly producing a homogeneous product is composed of three firms that act

An oligopoly producing a homogeneous product is composed of three firms that act like a cartel. Assume that these three firms have identical cost schedules. Assume also that if an…

An oligopoly producing a homogeneous product is composed of three firms that act

An oligopoly producing a homogeneous product is composed of three firms that act like a cartel. Assume that these three firms have identical cost schedules. Assume also that if an…

An oligopoly producing a homogeneous product is comprised of three firms that ac

An oligopoly producing a homogeneous product is comprised of three firms that act like a cartel. Assume that these three firms have identical cost schedules. Assume also that if a…

An oligopoly producing a homogeneous product is comprised of three firms that ac

An oligopoly producing a homogeneous product is comprised of three firms that act like a cartel. Assume that these three firms have identical cost schedules. Assume also that if a…

An oligopoly producing a homogeneous product is comprised of three firms that ac

An oligopoly producing a homogeneous product is comprised of three firms that act like a cartel. Assume that these three firms have identical cost schedules. Assume also that if a…

An oligopoly would tend to restrict output and drive up price if Answer barriers

An oligopoly would tend to restrict output and drive up price if Answer barriers to entering the industry are negligible. firms engage in informative advertising. firms produce a …

An online software producer has fixed costs of $40,000 per month and her Total V

An online software producer has fixed costs of $40,000 per month and her Total Variable Costs (TVC) as a function of output Q are given below. Complete the table (TC, MC, TR, and …

An open economy interacts with the rest of the world through its involvement in

An open economy interacts with the rest of the world through its involvement in world markets for goods and services and world financial markets. Although it can often result in a…

An open economy interacts with the rest of the world through its involvement in

An open economy interacts with the rest of the world through its involvement in world markets for goods and services and world financial markets. Although it can often result in a…

An orchard owner hired a, was unn illegal immigrant worker for the growing and p

An orchard owner hired a, was unn illegal immigrant worker for the growing and picking season. The terms of the agreement indicated that the grower would pay $25 a week spending m…

An organization or an arena that focuses on traditional target marketing is a je

An organization or an arena that focuses on traditional target marketing is a jeweler. 1. Jewelry making and jewelry marketing has a very long term of traditional marketing and cu…

An outmoded paper machine was purchased eight years ago. Its annual operating co

An outmoded paper machine was purchased eight years ago. Its annual operating costs are $60,000. It has been fully depreciated. It is expected to last four more years and have a s…

An output (recessionary) gap occurs when Actual output (GDP) falls below potenti

An output (recessionary) gap occurs when Actual output (GDP) falls below potential output. Taxes on corporate profits undermine incentives to invest. Import tariffs reduce consump…

An outside lag in monetary policy is caused in part by the long and variable tim

An outside lag in monetary policy is caused in part by the long and variable times it takes for the Fed to carry out open market operations. is caused by the time it takes to buil…

An outward shift in the entire production possibilities frontier A. represents e

An outward shift in the entire production possibilities frontier A. represents economic decline. B. means that previous levels of production are now unobtainable. C. means that th…

An over-the-counter drug manufacturer wants to examine the effectiveness of a ne

An over-the-counter drug manufacturer wants to examine the effectiveness of a new drug in curing an illness most commonly in older patients. Thirteen patients are given the new dr…

An over-the-counter drug manufacturer wants to examine the effectiveness of a ne

An over-the-counter drug manufacturer wants to examine the effectiveness of a new drug in curing an illness most commonly in older patients. Thirteen patients are given the new dr…

An owner can lease her building for $100,000 per year for three years. The expli

An owner can lease her building for $100,000 per year for three years. The explicit cost of maintaining the building is $35,000, and the implicit cost is $50,000. All revenues are…

An owner of a local movie theater is having difficulty maximizing labor. Sometim

An owner of a local movie theater is having difficulty      maximizing labor. Sometimes there are too many employees on duty and      sometimes there are not enough employees work…

An unmarried taxpayer with no dependents expects an adjusted gross income of $48

An unmarried taxpayer with no dependents expects an adjusted gross income of $48,000 in a given year. His non-business deductions are expected to be $3400. a) What will his federa…

An unplanned increase in inventory levels at the Duff Brewery can be caused by:

An unplanned increase in inventory levels at the Duff Brewery can be caused by: A) and decrease in investment to produce Duff, Duff light, and Duff ice B) Duff’s actual investment…